Welcome to our dedicated page for Cano Health news (Ticker: CANO), a resource for investors and traders seeking the latest updates and insights on Cano Health stock.
Cano Health, Inc. (NYSE: CANO) is a high-touch, technology-powered healthcare company that provides personalized, value-based primary care to approximately 310,000 members across the United States and Puerto Rico. Founded in 2009 and headquartered in Miami, Florida, Cano Health focuses on transforming healthcare by improving the health, wellness, and quality of life for its patients through primary care medical centers and affiliated providers.
Recently, Cano Health has made significant strides in refining its operational footprint. On September 26, 2023, the company announced the sale of assets associated with its senior-focused primary care centers in Texas and Nevada to CenterWell Senior Primary Care for approximately $66.7 million. This transaction is part of Cano Health's strategy to streamline operations, focusing on improving performance in its core Florida market. The proceeds from this sale have strengthened the company's balance sheet, allowing it to remain in compliance with its debt covenants and enhance its liquidity to $109 million.
In addition, Cano Health appointed Eladio Gil as Interim Chief Financial Officer on September 29, 2023. Gil's extensive experience in healthcare finance is expected to drive further operational efficiencies and financial stability. On November 2, 2023, the company completed a 1-for-100 reverse stock split to regain compliance with NYSE listing requirements and make its stock more attractive to investors.
As of November 9, 2023, the company reported third-quarter 2023 financial results showing a 23% increase in capitated revenue year-over-year, despite higher third-party medical costs. Cano Health continues to exit non-core markets, such as California, New Mexico, and Puerto Rico, aiming to focus resources on its core Florida operations.
On February 4, 2024, Cano Health entered a Restructuring Support Agreement (RSA) with lenders holding a significant portion of its debt. This agreement included filing for prearranged voluntary Chapter 11 proceedings to facilitate debt reduction and operational restructuring. Supported by $150 million in new debtor-in-possession financing, the company expects to emerge from Chapter 11 with a stronger financial position by Q3 2024.
With its ongoing Transformation Plan, Cano Health aims to achieve approximately $290 million in annualized cost reductions by the end of 2024. Through this plan, the company seeks to enhance patient engagement, restructure contracts, and improve the efficiency and quality of care delivery.
Cano Health, Inc. (NYSE: CANO) will announce its first-quarter 2023 financial results after market close on May 9, 2023. A conference call is set for 5:00 PM Eastern Time on the same day, where company executives will discuss the results.
Participants can join by dialing (888) 660-6359 for U.S. callers and (929) 203-0867 for international participants, using conference ID 8371699. The call will be accessible via webcast on the Cano Health investor relations website, with a replay available for 30 days post-call.
Cano Health, headquartered in Miami, Florida, provides value-based primary care to around 310,000 members across nine states and Puerto Rico, employing over 4,000 staff.
Cano Health has announced the opening of three new medical centers in South Florida, located in Cutler Bay, Plantation, and Miami. These expansions aim to increase access to primary care, wellness services, physiotherapy, X-ray, and mental health services for the senior community. With a commitment to enhancing patient health, Cano Health emphasizes its strategic growth plans to improve its footprint in the area. The company, founded in 2009, is a technology-powered healthcare provider serving approximately 310,000 members across nine states and Puerto Rico. Cano Health employs over 4,000 individuals and is dedicated to delivering personalized healthcare that enhances the quality of life for its patients.
Labaton Sucharow is investigating potential securities law violations and breach of fiduciary duty claims against Cano Health Inc. (NYSE: CANO). Shareholders who have suffered losses are encouraged to contact the firm for assistance. Labaton Sucharow, recognized for its excellence in complex litigation, particularly in shareholder rights, is based in New York, Wilmington, and Washington, D.C. Investors looking for guidance on protecting their investments can reach out to the firm's shareholder rights team via email or phone.
Cano Health has officially separated the roles of Chairman and CEO as of April 17, 2023. Solomon Trujillo, previously the lead independent director, is now appointed as the non-executive Chairman. This strategic move allows CEO Dr. Marlow Hernandez to concentrate on executing operational plans and enhancing governance. Trujillo emphasized the company’s commitment to creating long-term shareholder value and improving free cash flow. Cano Health, a technology-driven healthcare provider, serves around 310,000 members and operates in nine states and Puerto Rico. The company aims to transform healthcare by delivering personalized, value-based primary care.
Cano Health has reaffirmed its commitment to enhancing shareholder value through a letter from its Board of Directors. The Board emphasizes their confidence in the company's fundamentals and potential for long-term growth, citing a projected $1.7 trillion addressable market due to the aging U.S. population and a shift towards value-based care. In 2022, Cano Health achieved approximately $2.7 billion in total revenues and $74 million in Adjusted EBITDA. The company aims to improve operational efficiency and cash flow through strategies like optimizing medical capacity, enhancing patient engagement, and consolidating operations. Additionally, Cano Health has appointed a new Chief Strategy Officer to boost organizational effectiveness and enhance governance by separating the roles of Chairman and CEO. The Board is taking steps to counter criticisms from former directors, maintaining that their focus is on long-term shareholder interests.
Cano Health, Inc. (NYSE: CANO) faces a significant governance crisis as three directors owning approximately 36% of the company resigned, citing serious dissatisfaction among shareholders and a lack of oversight by the current board. Following their resignations, they urged the board to allow shareholders to vote on an alternative board slate at the upcoming 2023 Annual Meeting. The group highlighted that Cano's stock has declined by 83% over the past year, attributing this to inadequate board oversight of CEO Marlow Hernandez and concerning undisclosed related-party transactions. They assert the necessity for immediate changes and transparency, aiming to nominate new directors and propose removal of current ones for cause. The group emphasizes the need for action given the drastic changes in circumstances.
FAQ
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